Investment Banking - which degree to do? (1 Viewer)

[notwithstanding]

Hi all,

I completed my HSC back in 2005 and only achieved a UAI of in the high 60s. Since leaving high school I've been working as a financial planner at a family-run firm in Parramatta and have, since the beginning of this year, have been studying the Bachelor of Financial Advising at UWS (PARRA) full-time as it was the only degree related to financial advising that would still allow me to work full-time given my UAI.

Over the past six months, I have been entertaining the possibility of leaving the financial planning profession to enter the investment banking industry. I was wondering if any of you would be able to inform me of the degree that you believe to be the most relevant in establishing a career in investment banking that is offered at Macquarie Uni. Furthermore, if any of you have information related to the likelihood of my application being successful - given that I've only undertaken one semester of study (plus I received three units of credit for a Diploma in Financial Planning at FINSIA) - that would be very much appreciated. It should be noted that I am currently 19 and as such, would not be able to apply as a mature age student.

Thanks in advance!

 

[crazy_panda_eye]

In my opinion Actuary or Applied Finance are relevant degrees, having said that however keep in mind that Investment Banking is a very very competitive area to get into and with the economy the way it is now placements are being cut. (UBS cut their graduate placements to a mere 2)
However this may probably get better by the time you graduate.

You will be competing against uni medallists, people who not only top their degrees but have outstanding extra curricular activities, personalities etc.
So I also recommend getting involved; your work experience will obviously be a great credential. At the end of the day however, they pretty mcuh want to hire someone theyd like to work with so bringing in a great personality is a big plus.

Hope that helps and apologies for the lack of coherence as I am typing in a rush

Edit: but if you dont mind me asking, why do you want to enter this division? do you take particular interest in mergers and valuation, do you like that kind of 9 - 1 lifestyle? just out of curiosity.

 

[notwithstanding]

Thanks for your quick response, I really appreciate it!

To answer your question, my main reason for wanting to enter this sector is because it will be challenging. I initially thought that being a financial adviser would be challenging enough - being responsible for people’s life savings, etc. But after having worked as a financial adviser for two years, the honest truth is that you really do not need to know or understand anything about investments/insurance/super to do the job because you are given a recommended list of products that analysts have already researched for you. Essentially, you have no responsibility for the researching - which I thought would be the main responsibility of an adviser - and all you really need to do is read the notes that are given for the investments, and understand which investments suit which clients and why. A monkey could do the job.

While I'm young and still have the drive/yearning to reach my potential, I'd rather be doing something that requires me to step out of my comfort zone and actually follow the "road less traveled" (sorry for being really corny) rather sink into a routine and monotony that I just wont be happy doing. When I'm old and fed-up with the world then I'll go back to financial planning lol I guess I just don't feel fulfilled doing it.

I wouldn't want to go into investment banking in the tradition sense of M&A, but rather work in the investment management area for institutions as opposed to individuals. In this sense, my financial planning background is still relevant but I'll also be required to undertake the research, so there's an analytical side to the planning.

I hours of work are already pretty close to 9-1! I'm essentially doing the job of a senior financial planner, dealing with high net worth client, meeting them for dinners, going to footy games, etc. So i've essentially got the skill base to go into IB, but I don't have the theory.

I hope that answers your question.. lol

 

[iambored]

What is a 9 - 1 lifestyle?

 

[mserica]

From my experience (working in HR - within an investment bank ) - be prepared to do at least 50 hours or so per week and sometimes even longer... Im in back office (HR function) and i do at least 45-48 hours a week...

But that being said - its the most brilliant, exciting and ever-changing environment, especially at the moment!

 

[notwithstanding]

mserica: Since you already work within an investment bank, do you have any knowledge as to which uni employers prefer? MAC, UNSW, USD? I spoke to the careers adviser at MAC this morning and she said that it's highly likely that I'll get into the B Applied Finance degree. Do employers focus more on the marks achieved in the degree or where the degree's from? And is achieving a D avg. at MAC just as good as achieving a D avg at USYD or UNSW?

 

[sukiyaki]

^ i really dont think employees look at which university you go to. Some of my friends that had interviews with Ib's and they come from all different universities. Also don't just focus on the marks as panda eyes said.. the extra curricular activities are just as important. Good luck!

 

[xeuyrawp]

What is a 9 - 1 lifestyle?

It's the times you work from-to in a day. Most people would be in a "nine to five" lifestyle.

 

[*hopeful*]

mserica: Since you already work within an investment bank, do you have any knowledge as to which uni employers prefer? MAC, UNSW, USD? I spoke to the careers adviser at MAC this morning and she said that it's highly likely that I'll get into the B Applied Finance degree. Do employers focus more on the marks achieved in the degree or where the degree's from? And is achieving a D avg. at MAC just as good as achieving a D avg at USYD or UNSW?

nobody cares about the uni's these days in the finance industry, its all about the marks, true its good to have extracurricular stuff plus a bit of a personality but for an IB style role, focus on the marks because when applying for (grad) roles you'll only get past stage one if your marks are credit avg +

 

[Gavvvvvin]

personality and investment baking dont exactly go together

 

[*hopeful*]

personality and investment baking dont exactly go together

that's why i said "a bit of a personality" as opposed to "great"

 

[iambored]

It's the times you work from-to in a day. Most people would be in a "nine to five" lifestyle.

Thanks, I thought it might be that but I didn't realise investment banking would be a 9-1 lifestyle, I thought it'd be more 9-11 or something so I thought I might have been wrong.

 

[mserica]

Well it depends which company you go for and if they have a commerical banking arm or not. E.g I dont work in a CBA, NAB, ANZ, I work for a european investment bank and have a few friends in the european banks (within sydney) so i can only go off the HR processes within the bank i work for and within their banks.

Its not so much a university in which they prefer they actually look at the degree, the length of time it has taken and if longer than usual did you undertake work experience at a IB during the breaks or summer period etc.

Employers have a focus on the marks yes that is true, however there is a bit of longer list in the criteria section in which we go through from background, criminal records, employment records, pattern of your career path, desire and passion etc etc.

I would have to disagree with the comment about extra activities thats not really a "your in" component for us, most times we dont look at that at all, however we need to see the "drive and passion" above and beyond all, along with some personality.


Hope this helps..